Mr. Geoff Clark reports

ACCELEWARE PROVIDES RF XL PILOT UPDATE

Acceleware Ltd. has commenced the final steps of the heating well workover program at its commercial-scale RF XL pilot project at Marwayne, Alta. The Company has also extended the closing date of the previously announced non-brokered private placement of units (the "Units"), at a price of $0.23 per Unit (the "Unit Price"), for gross proceeds of up to $2,000,000 (the "Private Placement"), to on or before August 21, 2023.

After completion of extensive design, procurement, shop testing and de-risking of repaired parts, upgraded components, run-in-hole procedures, and deployment tooling, the Acceleware team is expecting to commence final on-site workover operations on August 8, 2023. All required service vendors have been engaged, including service rig, engineering consultants and downhole tool providers. Acceleware anticipates this stage of the operation to take approximately two to four weeks, contingent upon weather and other factors. Power up and heating is expected to commence thereafter.

As previously communicated, the Acceleware team was able to complete an inspection of the removable and non-removeable components of the proprietary down-hole RF XL system. The inspection activities included visual inspection, various electrical and mechanical measurements, down-hole video analysis and other engineering techniques to obtain detailed data on the condition of the components. This inspection enabled the team to identify several opportunities expected to improve the performance of the RF XL system and rectify issues that required repair. These upgrades and repairs would not have been possible without pausing operations to perform the replacement of the distributed temperature sensing system ("DTS") and have resulted in the addition of valuable intellectual property.

"The Acceleware team is very excited to get back to site to re-deploy and recommission the RF XL subsurface system," said Geoff Clark, Chief Executive Officer of Acceleware. "R & D by its very nature involves new experiences and learnings. The de-risking activities that have been performed for this last, critical stage of the workover were extremely thorough, intended to eliminate known risks, and illuminate unknown risks to the extent possible. Based on the outcomes from our testing and de-risking, we have a high degree of confidence that this next workover phase will be a success."

Dr. Michal Okoniewski, Chief Scientific Officer, said "Upon successful completion of this last workover stage, our team expects to be able to restart heating at the site." He added, "Having proven the Clean Tech Inverter's ability to electrify industrial level heating for over six months at the RF XL pilot in 2022, we are keen to get the subsurface portion of the RF XL system back up and heating as soon as possible to accomplish our goals for the pilot. Shortly thereafter, we are hoping to show a meaningful increase in reservoir temperature - most likely within a few months of restarting operations."

RF XL could prove to be a transformative decarbonization technology for heavy oil or oil sands production. Not only can it eliminate direct GHG emissions from production, meaning it requires no carbon capture, but it would also eliminate the requirement for fresh water and significantly reduce land footprint. RF XL is also expected to lower capital costs by fifty percent and operational costs by forty percent, providing the potential for this decarbonization technology to play a key role in the energy transition.

RF XL is the first of several electrification of industrial heating applications that Acceleware is commercializing, largely since the near-term decarbonization of heavy oil and oil sands production will play a critical role in a successful energy transition. Work is also underway for decarbonization of other heavy emitting industrial heating applications.

About Acceleware

Acceleware is an innovator of clean-tech decarbonization technologies comprised of two business units: Radio Frequency Heating Technology and Seismic Imaging Software. Acceleware is piloting RF XL, its patented low-cost, low-carbon production technology for heavy oil and oil sands that is materially different from any heavy oil recovery technique used today. Acceleware's vision is that electrification of heavy oil and oil sands production can be made possible through RF XL, supporting a transition to much cleaner energy production that can quickly bend the emissions curve downward. With clean electricity, Acceleware's RF XL technology could eliminate greenhouse gas (GHG) emissions associated with heavy oil and oil sands production. RF XL uses no water, requires no solvent, has a small physical footprint, can be redeployed from site to site, and can be applied to a multitude of reservoir types. Acceleware is also actively developing partnerships for RF heating of other industrial applications using the Company's proprietary CTI.

Acceleware and Saa Dene Group (co-founded by Jim Boucher) have created Acceleware | Kisastwew to raise the profile, adoption, and value of Acceleware technologies. The shared vision of the partnership is to improve the environmental and economic performance of the energy sector by supporting ideals that are important to Indigenous peoples, including respect for land, water, and clean air.

The Company's seismic imaging software solutions are state-of-the-art for high fidelity imaging, providing the most accurate and advanced imaging available for oil exploration in complex geologies. Acceleware is a public company listed on Canada's TSX Venture Exchange under the trading symbol "AXE".

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